LNG

The United States and China have extended a bilateral trade truce – the so-called Busan Agreement – until January 10. The accord reduces the risk of renewed tariff escalation between the world’s two largest economies, but does not include a commitment that China will buy US LNG.

The United States has offered up to $6 billion in potential financing for Argentina LNG, a proposed $51 billion integrated project led by state-controlled YPF to develop Vaca Muerta gas for export. The funding will be supplied under the Andes-Atlantic Corridor launched by the two countries on Wednesday.

The Port of Corpus Christi has received approval from the Texas Commission on Environmental Quality (TCEQ) on September 23 for its requested offshore discharge permit – the final permit needed for the proposed desalination plant. By securing a dedicated seawater supply via the projected desalination plant, the LNG developers can argue that additional capacity will have lower freshwater impacts, potentially smoothing future permitting for Stage III expansions or brownfield debottlenecks.

Glenfarne Group’s Magnolia LNG has been granted a five-year extension from the US Federal Energy Regulatory Commission (FERC) to complete construction and place its planned 8.8 mtpa export plant in Louisiana into service, pushing the in-service deadline to November 2029 – even as project still lacks a final investment decision and financing.

European gas buyers are starting to outbid Asia for LNG cargoes to refill storage ahead of winter, marking a decisive shift in the global gas arbitrage, said Menelaos Ydreos, secretary general of the International Gas Union (IGU).

Lithuania’s Ignitis has agreed to buy U.S.-linked LNG from EQT, under a sales and purchase agreement (SPA) covering 10 cargoes delivered each year between 2027 and 2036. The deal marks Ignitis first long-term SPA with a US company and introduces Henry Hub-linked pricing into its procurement portfolio.

FortisBC can move ahead with its C$3.1 billion Tilbury Phase 2 expansion in Delta, British Columbia, after securing federal and provincial environmental approvals, clearing the way for a construction start in 2027.

Woodfibre LNG has completed critical tunnelling works on its Eagle Mountain–Woodfibre feedgas pipeline, paving the way for pipe installation and commissioning ahead of the project's targeted first LNG cargo in December 2027.

Chinese President Xi Jinping will fly to Washington for a state visit on 24 September in a bid to stabilise a relationship strained by tariffs and technology controls. LNG markets eagerly await whether Xi will agree to remove the 15% tariff on US LNG imports to China, which currently renders such imports uneconomic.

Oil prices have plunged on Monday as fresh U.S.-Iran talks raise hopes for a reinstatement of Middle Eastern oil and LNG deliveries. The November Brent contract was seen trading as low as $99.07 barrel at the time of writing, pulling down oil-indexed term LNG prices.